DAHER AL SAWAN, Lebanon: Lebanon’s longtime former central bank chief, who is widely blamed for the country’s economic meltdown, was released on bail of $14 million Friday after a year in jail awaiting trial on corruption charges.
Riad Salameh ended his 30-year term as central bank governor in 2023 under a cloud, with several European countries probing allegations of financial crimes.
Many in Lebanon hold him responsible for the crippling financial crisis that has gripped the country since late 2019, during which depositors lost their life savings as the value of the currency collapsed.
Salameh became the central bank chief in 1993 and initially was celebrated for his role in steering Lebanon’s economic recovery after a 15-year civil war, and for keeping the economy on an even keel during long spells of political gridlock and turmoil.
He is now facing several criminal cases, both locally and internationally.
Last September, Lebanon charged Salameh with the embezzlement of $42 million, later adding charges of illicit enrichment over an apartment that was rented in France, supposedly to be a substitute office for the central bank if needed. Officials said Salameh had rented from his former romantic partner for about $500,000 annually.
While in detention, the 75-year-old former bank chief’s health declined, and he was in a hospital outside of Beirut prior to his release on Friday.
The court denied a request by Salameh to be released without bail, setting the bail amount at $14 million. It also imposed a travel ban on him.
After Salameh posted the amount, investigators questioned him about the source of the funds and asked him for documents to prove that they were not the proceeds of illicit activities.
Salameh’s lawyer, Marc Habka, told journalists that his client was in poor health, and that “we have presented to the court all the evidence” to prove his innocence.
“It’s the right of the Lebanese people to know, in the end,” he said. “If Riad Salameh is involved (in the alleged crimes), he will be convicted. If other people are involved, they will be convicted, and if he is innocent, he will be acquitted.”